The Empire in 1941 gave credit to the Central Reserve Bank of China for covering its issue reserves and in March this year gave credit to the Federal Reserve Bank of China, thus assisting the bank to consolidate and strengthen the currency system of China. This time the Bank of Japan has decided to accommodate the Bank of Mengchiang loans to the amount of ¥100,000,000, thereby establishing close ties with the Bank of the Mengchiang region. It is a matter for felicitation that the arrangement will not only assure ever smoother operation of money in the East Asia sphere, but contribute much to the establishment of that greater East Asia monetary sphere toward which we are so earnestly working.
The Bank of Mengchiang was founded amid the smoke of gunfire in November, 1937, not long after the outbreak of the China affair and has seen smooth development as a bank of issue. It has achieved much in the way of unifying the monetary system within the region, stabilizing currency and regulating financing. It has also given the most splendid co-operation to us in our military operations, development of the natural resources and exchange of the necessary materials. The extension of the new credit by Japan will strengthen further the foundations of the bank and we will stint no effort to aid it in its progress.